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Who are you leaving your portfolio/wealth to?

Discussion in 'Living Room' started by Jennifer Duke, 28th Jan, 2016.

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  1. Jennifer Duke

    Jennifer Duke Well-Known Member

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    Always been curious as to everyone's plans about what to do with their portfolio when they pass. Particularly if you're childfree (I am and likely always will be).

    Personally, considering a portion to charity and some to my siblings/their children (if they have any). If before my partner (unlikely given age difference, but **** sometimes happens), obviously everything is left to her. If we both die before our parents then we would leave it to them to assist in old age.

    I'm writing a will in the next few months so figured I should consider all my options first.

    Anyway... keen to know what you are planning to do with any accrued wealth not spent by the time you die. Or if it's of no consequence for you at all. Nice and positive topic for the day.
     
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  2. BigKahuna

    BigKahuna Well-Known Member

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    My children. But if I didn't have any would definitely do some research and leave it to some worthy charities, probably charities taking care of children or animals. Or perhaps charities helping women in Africa.
     
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  3. EN710

    EN710 Well-Known Member

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    My partner and dog....
    But if that's not applicable then my parents, my sisters, some close friends, whoever it is I appoint to care for my dog and then maybe charities.
     
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  4. geoffw

    geoffw Moderator Staff Member

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    Before I was married and had children, I had a will written by a trustee organisation. It specified that my estate was to be "split equally between my sisters and their children".

    That wording could have been open to a number of different scenarios. It was the best ad possible for getting a will drawn up by a solicitor.
     
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  5. Xenia

    Xenia Adelaide Property Manager Business Member

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    Children
     
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  6. JDP1

    JDP1 Well-Known Member

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    The possum that climbs my fence in the back.
    Failing that, the neighbours cat
    Failing that, the local pub
    Failing that...?
    Doesnt matter really...its all a pittacne anyway :)
     
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  7. Rugrat

    Rugrat Well-Known Member

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    My kids. But I am thinking I may get it all put in a trust fund until they reach adulthood, in the event they are still children. I know whomever takes them on will need money to raise them, but although I trust them to raise my children, I dont trust them to handle the money in a way that I would 'approve' of. I want my kids to be set up financially, not have it frittered away by people who despite good intentions are not the most financially savvy.
     
  8. MTR

    MTR Well-Known Member Premium Member

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    I strongly believe in giving to your children now, not when you are long gone, that's my plan.

    MTR:)
     
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  9. Francesco

    Francesco Well-Known Member

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    It is all very standard approach... to spouse and son first, grand children if any. Already doing that. When they are adequately provided for (done no accounting yet), then provisions for the charities I have been supporting. If I were very adequate financially, then to select relatives.
     
  10. mrdobalina

    mrdobalina Well-Known Member

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    I'm grappling with this at the moment. How do you plan to do this in the most tax effective manner?
     
  11. geoffw

    geoffw Moderator Staff Member

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    If there's a significant amount left over for them when I die, then either I've died too early or planned badly.

    We have enough for a comfortable, not luxurious, retirement for a good number of years.
     
  12. MTR

    MTR Well-Known Member Premium Member

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    I am meeting with my accountant on 9 Feb, and will be discussing this.
    I expect the most tax effective option may be just distributions from Trust, otherwise you will trigger stamp duty?

    My plan is to also set up another Trust for developments with my children. Will also be asking how to structure for the future. Will let you know what he thinks

    MTR:)
     
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  13. Rugrat

    Rugrat Well-Known Member

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    Not entirely sure yet. We are meeting with our financial advisor within the next month, so will probably ask their advice on that too.
     
  14. Rugrat

    Rugrat Well-Known Member

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    Thats how I plan to live once the kids have all grown up and left home. Im not a huge fan of the idea of 'inheritance'. My main concern is what happens while my kids are still young. To be fair the majority of any inheritance they would receive at the moment would be from life insurance and super.
     
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  15. geoffw

    geoffw Moderator Staff Member

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    Yes, I should have qualified.

    My kids have grown up and left home.

    One is a careful saver (but a mad keen traveller once she's saved up carefully); the other is a profligate spender.
     
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  16. Perthguy

    Perthguy Well-Known Member

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    If there is anything left... to my siblings/their children (my nieces - love them), if my parents are no longer around.
     
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  17. Xenia

    Xenia Adelaide Property Manager Business Member

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    Me too
     
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  18. Bayview

    Bayview Well-Known Member

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    Our kids
     
  19. freyja

    freyja Well-Known Member

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    Partner, then kids.
     
  20. joel

    joel Well-Known Member

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    Anything left when i die is to be spent on constructing a 40ft tall gold statue of myself in the centre of town